GreenTerraHomes Financing – Leasing Options

 

 

Tiny Home Financing Program

Rent a Tiny Home Financing – RV Finance – Lease Credit Application

Financing & Leasing options from $6 per day*

Tiny Homes, RV, Mobile Homes¹, Park Model Cottages¹

To begin the process

  1. Place an order online by choosing any one of our standard models
  2. Pay the Initial Deposit Payment Required at checkout. (this must be paid for us to start the process)
  3.  In the meantime, please download and fill out our standard Rent a Tiny Home – RV Finance – Lease Credit Application, for financing and or lease facilities through our 3rd party lenders
    *Payment plans from 3 months to 240 months, final terms & conditions as per lenders based on your credit, income, model home, and other lender controlled variables.

Once Application and Order Completed, please email financing@GreenTerraHomes.com or fax (to the toll free number on the application) the following documents:

  1. Your completed, signed credit application, any missing fields will prevent the processing of the application
  2. A copy of your ORDER CONFIRMATION obtained when you placed your order on our web site, showing payment confirmation.
  3. A copy of a valid government issued picture ID
  4. A recent utility bill matching your listed address on your picture ID and application

Within one business day, a representative from our finance department will reach out via email to begin the process of preparing the needed paperwork for your bank. And or to begin the application process with our private third party lenders.

¹Please note that for Mobile Homes and Park Models the financing dynamics change if the units are to be placed on foundation or as permanent structures and the above finance will not apply.

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Modular Home Financing Program

Financing a new home construction project

MODULAR HOME FINANCING APPLICATION

To begin the process

  1. Place an order by choosing any one of our standard modular homes.
  2. Choose “CUSTOM PAYMENT PLAN” option at checkout.
  3. Within one business day, a representative from our finance department will reach out via email to begin the process of preparing the needed paperwork and down payment, for the application process with our private third party lenders.
  4.  Please download and fill out our standard Private Financing Credit Application, for financing through private 3rd party lenders.

Please email financing@GreenTerraHomes.com or fax (to the toll free number on the application) the following documents:

  1. Your completed, signed credit application, any missing fields will prevent the processing of the application
  2. A copy of your ORDER CONFIRMATION obtained when you placed your order on our web site, and or the sales agreement that you have obtained from your account executive at GreenTerraHomes
  3. A copy of your Down Payment Confirmation
  4. Copy of receipt of your 25% down payment which will be required for Lenders to consider the application.
  5. A copy of a valid government issued picture ID
  6. A recent utility bill matching your listed address on your picture ID and application

Banks and traditional lending institutions will entertain providing a traditional mortgage for a completed project and with sufficient capital/collateral elsewhere, a construction loan.

The challenges and hurdles of obtaining construction financing from traditional lenders however is daunting if not impossible for most consumers.

Putting aside the standard red tape and time needed to obtain construction financing from traditional lenders, a potential owner-builder seeking to borrow funds for a new project must also have hard assets and or equity elsewhere that lenders can leverage to secure funding.

As a manufacturer of factory-built modular and prefab homes, we are able to create a value add proposition that creates substantial equity that we leverage and which allows us to provide consumers with interim Bridge Financing in the form of a Consumer loan through the build process that is converted into a 1-2-year mortgage once project is complete and occupancy obtained.

Typical costs for wood frame (stick frame) homes constructed/framed onsite are $150-$175 sf.  These typical stick frame homes generally price in at $225-$250 sf including land and other site work/services.

Our galvanized steel frame homes come in at $100 – $175/sf for our complete ready for foundation modular homes. Onsite costs average an additional $63/sf for work such as foundation, septic, service hookups, transportation to site, setting of modules, stitch up and final finish of modules and lower level.

For example: You are buying a Modular home of 940 sf:

  • $163/sf x 940 sq. ft. = $153,220 (based on $100/sf modular price)
  • Lot costs – $40,000 avg. for a small 1-acre rural lot
  • $193,220 – $33,220 cash investment by client = $160,000 consumer loan by third party lender(s)

You as an owner/builder will need to invest $30,00 to $40,000 or more as may be available, of your own capital.
Third (3rd) party private lenders may provide a consumer loan of $160,000 as short-term bridge financing with $10,000 origination fee, admin fees & interest charges with a 3-month avg. term.

So you are looking at $203,220 overall project costs (including credit facility costs) for a 3BR 2BA, 940 sq. ft. modular home with a 940-sq. ft. 8-foot finished lower level, total of 1,880 square feet of heated living space, inclusive of delivery, stitch up and completion of site work leading up to certificate of occupancy.

Historically, our unique steel frame modular homes appraise at $300+ plus/sq. ft.  via independent appraisers engaged by traditional lenders conducted on behalf of our past clients. The home may appraise at $280,000 to $320,000 or more, dependent on location of your lot, appraisal will take place prior to construction, again after occupancy conducted by an independent third-party appraiser.

Once occupancy is obtained, you may obtain a mortgage of upto $170k – 60% LTV providing for exceptional built in equity for your future, with monthly payments equal to or less than your historical rental costs.”

  • Credit terms are the same as traditional hard money loans & may require a cosigner
  • The owner builder will be acting as their own general contractor (GC)
  • Client must approve all contractors for work such as foundation, septic & connections
  • An attractive equity proposition for the 95% of the consumers that would otherwise not be able to afford or have access to capital to enable them to build their own home and create equity
  • A Tarion home warranty may not be applicable as a DIY owner constructed home and the use of a factory built modular home, consumers may however still be able to pay for a Tarion Warranty directly with Tarion should they choose to apply for one directly.
  • Consumer loan converts to a 1-2-year closed mortgage
  • Consumer will establish payment history & additional equity during this time
  • Owner/Builder can refinance thereafter via their own bank at lower rates
  • Tarion warranty is not required for a refinancing after 1-2-year occupancy

There are at least three (3) primary parts to most home construction projects, such as:

 

Land

A typical rural lot may make up 25% of the overall costs of your new home construction project.

  • If you have not yet obtained or already have land on which you wish to build on, we recommend the use of a local realtor and MLS such as Realtor.com, MLS.com, Realtor.ca,
  • Most lenders may lend up to 50% of the appraised value of the land, Some private sellers of land may offer a Vendor/Seller Take Back Mortgage (VTB), whereby the seller will retain a first lien on the property until paid off for a brief period of time. Your local licensed realtor can assist with VTB negotiations.
  • In the event you do NOT already own a lot/land to build and need financing, we can assist via our third party lenders.

Site Work

Site work is a broad term, typical costs in a rural setting may make up 25% of the total cost of your new home. Private financing may be available for up to 50% of the costs of onsite work. Such site work may include but is not limited to:

  • Survey
  • Clearing
  • Driveway
  • Grading
  • Landscaping
  • Excavation
  • Foundation
  • Septic or city sewer main connection
  • Well drilling and connection, or city water connections
  • Electrical – new service from provider including trenching or power poles, meter box, connection and site inspections
  • Gas lines, natural or LP as may be applicable to your needs and availability
  • Decks, porches, overhangs, landscaping and other external elements.

 

Home/Structure options from factory include the following formats:

In addition to the cost of the home, paid to the factory, there are additional onsite costs paid directly to other third party trades, providers, including, but not limited to

  1. Insurance
  2. Permits
  3. Shipping
  4. Craning of parts or modules onto foundation at site
  5. Framing / stitch up of parts and or modules to the foundation and one another
  6. HVAC (including duct work, furnace, inspections, etc)
  7. Onsite finish work that may be needed for some units/models include
    1. Siding
    2. Flooring
    3. Roofing
    4. Drywall
    5. Electrical fixtures & connections
    6. Plumbing fixtures & connections
    7. Gas fixtures & connections

 

Our 3rd Party lenders may provide financing for up to 75% of the costs of the factory portion of your new home construction project.

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metal building financing

Metal Building Financing Program

Building Materials Financing

No Payments + No Interest if paid in full in 6 months when you spend $99 or more

All of the below products are considered building materials with financing available to home owners based on their credit and equity within their existing home.

We have partnered with Paypal Credit to provide our clients in the USA with No Payments + No Interest if paid in full in 6 months when you spend $99 or more.

  • Home Framing Kits
  • Kit Homes
  • Shell Homes
  • Metal Buildings
  • Steel Buildings
  • Garage Kits
  • Home Additions
  • Barns / Stables
*All Financing Terms & conditions are determined based on your credit, income, existing equity, down payment  as well as the type and cost of the product being purchased. For chassis products such as RV, Tiny Homes, Mobile Homes, Park Model Cottages & Tiny Studio Suites, we process loans with low money down options through the bank that you may already have an account/relationship with. And you can choose longer payback periods for lower monthly payments – Our Galvanized Steel Frame Homes maintain their value, resale appeal, and thus we can offer more attractive terms such as 10-25 year repayment schedules to help you afford the home of your dreams.
** Final payment amounts and terms dictated by lender, borrowers credit, price of home, land, site work costs, etc… $20 per day based on 1BR 540 sf on 540 sf full foundation with sun room and deck to meet min 800 sf code for Hastings county as an example, $90K loan amount at 5% APR adjustable, only as an example DO NOT USE AS AN INDICATOR OR BASIS BY WHICH TO MAKE A PURCHASE DECISION, simply examples of of best case scenarios.